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MARYLAND STATUTES AND CODES

Section 9-641 - Borrowing from other sources.

§ 9-641. Borrowing from other sources.
 

(a)  Permitted.- If the governing body of each member county that has territory in the service area of the project approves, a district may borrow money and pay interest to provide interim financing for a project. 

(b)  Restriction on period.- Borrowing under this section may not be for a period of more than 5 years. 

(c)  Guaranteed payment.- Each member county that approves a borrowing under this subsection shall guarantee payment of the principal and interest in the same way that a county makes guarantees under Part VIII of this subtitle. 
 

[An. Code 1957, art. 43, § 650; 1982, ch. 240, § 2.] 
 

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